The healthcare sector is on the verge of a transformative change in an age dominated by technological breakthroughs. The potential for unheard-of innovation and disruption within the healthcare industry has become a reality with blockchain technology. A powerful tool that has the potential to transform the way blockchain in healthcare systems function, store and protect data, expedite operations, and ultimately enhance patient outcomes is blockchain, which was once only recognized for its connection to cryptocurrencies.
The importance of blockchain in healthcare cannot be emphasized as we head into 2023. This technology’s decentralized and open nature offers a wealth of potential for healthcare providers, consumers, and other stakeholders to handle data securely and effectively, improve interoperability, safeguard privacy, and stop fraud. Many forward-thinking businesses have understood blockchain’s potential and are leading the way in advancing innovation in the healthcare sector.
This blog looks into the best healthcare blockchain companies to watch in 2023. These businesses have shown impressive foresight, inventiveness, and dedication to using blockchain to transform the healthcare industry. These businesses are leading the push to reinvent healthcare delivery and usher in a new era of trust, transparency, and cooperation. They are enhancing medical record management, expanding clinical trials, and allowing safe supply chain management, among other things.
Let’s explore the healthcare blockchain companies and identify the businesses likely to have a big influence in 2023 and beyond.
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What is Blockchain’s Increasing Importance in Healthcare?
Initially developed as the foundation of cryptocurrencies like Bitcoin, blockchain technology has quickly emerged as a game-changer in various fields. Healthcare stands out as a field where the potential influence of blockchain technology might be particularly large among the many industries positioned to gain from its disruptive possibilities. Blockchain offers distinct benefits that can transform data management, security, interoperability, and patient outcomes as the usage of digital healthcare solutions keeps growing.
The growing understanding of the relevance of safe and effective data management is one of the main forces driving the growing significance of blockchain in healthcare. Healthcare institutions produce and manage enormous volumes of sensitive patient data daily, including personal identifiers, medical records, and billing data. Blockchain’s decentralized structure and cryptographic security features offer the perfect foundation for protecting sensitive data against hacks, manipulation, and illegal access.
Healthcare data may be securely kept in a distributed ledger using blockchain, guaranteeing immutability, transparency, and auditability. Consensus methods and cryptographic hashes provide higher levels of integrity and trust, making it nearly hard for bad actors to change or manipulate the stored data. The total integrity of medical records is strengthened by increased security and protecting patient privacy, making it possible for accurate diagnoses, better care coordination, and better patient outcomes.
What are the Benefits of Blockchain in Healthcare?
The development of blockchain technology has the potential to transform a variety of global sectors completely. Blockchain is becoming more well-known in the healthcare industry for its capacity to solve complex problems, streamline procedures, and improve patient outcomes. Blockchain can improve healthcare delivery, data management, interoperability, and efficiency using its distinctive properties.
- Enhanced Data Security and Privacy Protection: One of the primary advantages of blockchain in healthcare is its unparalleled data security and privacy protection capabilities. Traditional healthcare systems often suffer from vulnerabilities, leading to data breaches and unauthorized access. However, blockchain’s decentralized and cryptographic nature provides a robust framework for safeguarding sensitive patient information. Through cryptographic hashing and encryption, blockchain ensures that data stored within its distributed ledger remains tamper-proof and resistant to unauthorized modifications.
- Improved Interoperability and Data Exchange: Healthcare systems are notorious for lacking interoperability, hindering seamless data exchange between entities. Blockchain technology offers a transformative solution to this longstanding challenge. By creating a shared and standardized infrastructure, blockchain enables secure and efficient data exchange across diverse healthcare stakeholders. Through blockchain’s distributed ledger, healthcare providers, insurers, laboratories, and other parties can access a single source of truth. Smart contracts embedded within the blockchain can automate data-sharing agreements, ensuring compliance and streamlining information flow.
- Streamlined Administrative Processes and Reduced Costs: Blockchain can streamline administrative processes within healthcare, reducing costs and improving efficiency. The decentralized nature of blockchain eliminates the need for intermediaries, such as clearinghouses or third-party administrators, thereby reducing administrative burdens and associated expenses. By leveraging blockchain’s smart contract capabilities, healthcare organizations can automate and enforce complex workflows, eliminating manual interventions and minimizing administrative errors.
- Advancements in Clinical Trials and Research: Blockchain technology holds tremendous potential for transforming the landscape of clinical trials and medical research. Clinical trials often face data integrity, transparency, and patient recruitment challenges. Blockchain can address these issues by providing a secure and transparent platform for managing trial data. By leveraging blockchain, researchers can maintain an immutable record of trial data, ensuring its integrity and authenticity. The decentralized nature of blockchain also enables greater transparency by allowing stakeholders to track and verify the progress and outcomes of clinical trials in real-time. This transparency enhances trust and accelerates the dissemination of research findings, promoting collaboration and advancing medicine.
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How Did We Compile The List of Top Healthcare Blockchain Companies?
Although choosing the best healthcare blockchain companies was a challenging task, we have come up with great results by considering the following factors:
- Years of experience in the market
- Client testimonials
- Quality of delivered products
- Size of the team
- Variety of industries the company has worked with
- Expertise in understanding business and market development
- Technology Stack
The Top Healthcare Blockchain Companies to Watch in 2023
1. SoluLab
One of the USA's most reputable healthcare blockchain development company, SoluLab, is renowned for its creative ideas and knowledge. With a foundation in software, mobile, and web development, the business has become a crucial partner for businesses looking to use blockchain for digital transformation.
Their accomplishments in various fields, including supply chain management and banking, highlight their capacity to improve efficiency, security, and transparency through blockchain. By 2023, SoluLab had established itself as a major force in the blockchain sector thanks to its significant contributions and widespread industry recognition. SoluLab offers specialized solutions that align with clients' requirements. SoluLab specializes in blockchain technologies such as permission and permissionless networks, smart contracts, and decentralized applications (dApps).
$25-$49
50-249
2014
Los Angeles, CA, USA
Disney, Microsoft, Georgia Tech
2. BurstIQ’s
BurstIQ’s platform helps blockchain healthcare startups safely and securely manage massive patient data. Its blockchain technology enables the safekeeping, sale, sharing, or license of data while strictly complying with HIPAA rules. The company uses blockchain to improve how medical data is shared and used.
Because BurstIQ’s platform includes complete and up-to-date information about patients’ health and healthcare activity, it could help to root out abuse of opioids or other prescription drugs.
$25-$49
50-249
2008
Colorado Springs, Colorado
Olive AI, FlowMetric
3. Medicalchain
Medicalchain’s blockchain maintains the integrity of health records while establishing a single point of truth. Doctors, hospitals, and laboratories can all request patient information with a record of the origin and protect the patient’s identity from outside sources. Medicalchain’s blockchain-based platform maintains a record of the origin and protects patient identity. In May 2018, Medicalchain announced the release of MyClinic.com. A telemedicine platform, MyClinic enables patients to consult with their doctors via video and pay for those consultations with “MedTokens.”
$55-$90
10-50
2016
London, England
ctronic Health Record, Medical
4. Guardtime
Guardtime is helping blockchain healthcare startups and governments implement blockchain into their cybersecurity methods. The company was vital in helping implement blockchain in Estonia’s healthcare systems, and it recently signed a deal with a private healthcare provider in the United Arab Emirates to bring blockchain to its data privacy systems. Guardtime employs blockchain for cybersecurity applications, including healthcare.
Guardtime recently teamed with Verizon Enterprise Solutions to deploy several platform services based on Guardtime’s Keyless Signature Infrastructure (KSI) Blockchain.
$25-$50
10-250
2007
Irvine, California
Galois, Lockheed Martin
5. Avaneer Health
Avaneer is a new company backed by Aetna, Anthem, and Cleveland Clinic dedicated to using blockchain technology to improve healthcare efficiency, utilizing a public ledger to support better claims processing, secure healthcare data exchanges, and keep provider directories maintained and up-to-date.
The Avaneer network takes a forward-looking approach to keep healthcare data secure and readily available to authorized care providers.
$55-$90
10-49
2017
Illinois, United States
Sentara Healthcare, Anthem, Aetna Ventures
6. Chronicled
Chronicled builds blockchain networks that demonstrate the chain of custody. The networks help pharma companies ensure their medicines arrive efficiently and enable law enforcement to review any suspicious activity — like drug trafficking. 2017 Chronicled created the Mediledger Project, a ledger system dedicated to medical supply chains' safety, privacy, and efficiency.
The Chronicle blockchain network ensures the safe arrival and detailed review of drug shipments.
$55-$90
10-49
2014
San Francisco, CA
Abbvie, Genentech
7. Robomed
Robomed combines AI and blockchain to offer patients a single point of care. The company deploys chatbots, wearable diagnostic tools, and telemedicine sessions to gather patient information and share it with the patient’s medical team. Robomeds Panacea platform engages patients into smart contracts that incentivize and lead them toward better health Robomed uses blockchain to securely gather patient information and share it with a patient’s healthcare providers.
$55-$99
11-50
2011
Moscow, Russia
N/A
8. Patientory
Patientory’s end-to-end encryption ensures patient data is shared safely and efficiently. The platform enables patients, healthcare providers, and clinicians to access, store, and transfer all important information via blockchain. Patientory helps the healthcare industry to move more quickly by housing all patient information under one roof. Patientory’s blockchain platform enables the secure storage and transfer of important medical information.
$25-$50
10-49
2016
Georgia, USA
N/A
9. Doc.ai
Doc.ai uses machine intelligence, like AI, to decentralize medicine on the blockchain. Users can opt into the company’s platform to share their medical and genomic data with a community of scientists that use the data for predictive modeling. doc.ai saves no patient data. Once information is uploaded, encrypted on a blockchain, and used in a trial, the data is wiped out to ensure security and privacy. The company employs machine intelligence (like AI) to decentralize medical data on the blockchain.
$25-$50
51-100
2016
California, USA
N/A
10. Encrypgen
The EncrypGen Gene-Chain is a blockchain-backed platform that facilitates searching, sharing, storing, buying, and selling genetic information. The company protects its users’ privacy by allowing only other members to purchase genetic information using safe, traceable DNA tokens. Member companies can use genetic information to build upon their genetic knowledge and advance the industry. The company’s blockchain platform makes searching for, sharing, storing, and buying genetic information easier.
$25-$50
10-50
2015
Florida, USA
N/A
Final words
Blockchain is a novel technology that can solve security issues in the healthcare sector. The top 10 companies mentioned above use blockchain to enhance electronic Health Information Exchange (HIE) to aid faster data exchange across a wide range of healthcare applications that are efficient and cost-effective.
SoluLab is a premier provider of blockchain development services for the healthcare industry. Their expertise and dedication empower healthcare organizations to deliver seamless care with utmost precision.
With a blockchain, patients can choose to share specific medical data, for a defined period, on an anonymized basis. If built with the correct architecture and company, blockchains can be used for recording and executing consent-based patient data sharing.
By implementing enterprise blockchain solutions, SoluLab ensures the security and universal access to patient data, enhancing the integrity and authenticity of all digital identities within the healthcare ecosystem. With SoluLab’s commitment to revolutionizing the healthcare industry through blockchain technology makes them an invaluable partner in pursuing a secure and efficient healthcare system.
FAQs
1. What is blockchain technology, and how does it apply to healthcare?
Blockchain is a decentralized and distributed ledger technology that securely records and verifies transactions across multiple computers. In healthcare, blockchain can improve data security, facilitate interoperability, and streamline administrative processes.
2. How does blockchain enhance data security in healthcare?
Blockchain uses cryptographic hashing, encryption, and consensus algorithms to ensure data security. The decentralized nature of blockchain makes it difficult for malicious actors to tamper with or access sensitive patient data, providing higher security and protecting patient privacy.
3. Can blockchain improve interoperability in healthcare?
Yes, blockchain can enhance interoperability by creating a shared and standardized infrastructure for data exchange. Through blockchain, healthcare stakeholders can securely and efficiently share patient information, leading to improved care coordination, accurate diagnoses, and seamless data exchange between different entities.
4. What are the potential future developments and innovations in blockchain healthcare?
Future developments include advancements in precision medicine, where blockchain can facilitate personalized treatment plans based on comprehensive patient data. Additionally, integrating blockchain with the Internet of Medical Things (IoMT) can enhance patient monitoring and enable secure management of connected medical devices.
